“Since 2014 the index has consistently recorded annual growth of 3-4pc with no city recording double digit annual price declines since the second quarter of 2015,” she said.

Four cities registered double-digit growth.

Vancouver saw the biggest increase, with prices up 26pc in the year to March due to "a severe lack of supply". An increase in land transfer tax, from 2pc to 3pc, on all purchases above $2m from February had "dented sale volumes".

Other markets flourishing included Shanghai, Sydney and Melbourne.

Ms Everett-Allen said: "Record-low interest rates and cheap finance fuelled demand in Shanghai leading to price growth of 20pc year-on- year, however, in March the government tightened mortgage lending rules which is likely to result in slower growth in the second quarter."

Cities in Australasia covered in the research rose by an average 12pc, the highest for any region.

Property values in some global cities that attract skilled workers and capital have become detached from national property markets, and national economies, in recent years.

On traditional measures, inflated city prices have led to some national markets becoming overvalued.

A study conducted by The Economist last month found homes to be more then 40pc overvalued in Australia, Britain and Canada. The valuation was based on two measures - rents and wages - which were compared with historic averages.